this post was submitted on 21 Dec 2024

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180

Senate approves bill to expand Social Security to millions of Americans (www.cbsnews.com)

submitted 18 hours ago by [email protected] to c/[email protected]

8 comments fedilink hide all child comments

Summary

The Senate passed the Social Security Fairness Act in a 76-20 vote, sending it to President Biden for approval.

The bill repeals the Windfall Elimination Provision and Government Pension Offset, which reduced Social Security benefits for nearly 3 million retirees, including teachers, police officers, and postal workers.

It also restores full benefits for surviving spouses and families of these workers.

Though backed by bipartisan support, some Republicans opposed the bill due to its $195 billion cost over a decade. Advocates hailed it as a victory for public service workers.

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[–] [email protected] 12 points 15 hours ago

My parents were urging me to write my rep over this, but I think this is misguided at best

These two provisions were addressing a real issue with how SS benefits are calculated - typically your monthly benefit is a percentage of your average monthly earnings eligible for SS. Higher AIMEs are indexed down more than lower ones on a principle of need (those with lower lifetime earnings are likely to need more of a benefit to live through retirement). These provisions basically addressed fringe cases where low AIME's weren't necessarily a result of low earnings but of switching out of SS eligible income into a pension system

As I understand it, these simply indexed the monthly benefit down based on (largely outdated) assumptions about those earners. As others have pointed out - SS already has a solvency problem (it's been undermined for decades now), and further stressing that fund without expanding the tax base is just going to further stress it at a time when the GOP is itching to cut it across the board.

No question that our retirement system needs to be expanded, but this particular change seems reckless. I have to wonder why they chose to do this now

[–] [email protected] 3 points 17 hours ago (3 children)

What effect does this have on the solvency date?

[–] [email protected] 9 points 14 hours ago (2 children)

Another article said it moves it closer by about six months. So it's still 9-10 years away

[–] xmunk 5 points 14 hours ago

As a millennial I can't wait to receive the social security I'm paying into right now. I'm foaming at the mouth with excitement.

[–] [email protected] 2 points 14 hours ago

Thanks for the info!

[–] [email protected] 6 points 16 hours ago

I feel like this would accelerate that a bit. While this increases fairness in the system it's putting it further at risk in my opinion. They need to get rid of the cap, it's absurd to give someone already making massive amounts of income a break when the system is in need of more funding.

[–] knobbysideup 3 points 18 hours ago

... For people who get a government pension. I don't think this is good legislation unless the person needs to stop work for long term disability.